Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Stablecoins, Metaverse, NFTs
Brussels Faces Pressure to Fix Europe’s DLT Pilot
Apr 21, 2026 | NCFA Insight | Capital Markets And Funding
EDFA Tells Brussels What Tokenized Securities Need To Scale
On December 4, 2025, the European Commission published its market infrastructure reform package, including proposed changes to the DLT Pilot Regime. On March 19, 2026, the European Digital Finance Association (EDFA) sent a formal letter to the European Commission about the DLT Pilot Regime and MiCAR. It is addressed to Commissioner Maria Luís Albuquerque and DG FISMA Director-General John Berrigan.
EDFA writes on behalf of its members and the undersigned companies. The core point is that the pilot works for testing, but it does not work for scale. Firms are already trying to build tokenized issuance, trading, registry, custody, and settlement in Europe. The problem is that the current DLT Pilot rules keep those activities small, separate, and hard to repeat.
What EDFA Is Asking For
- Broader scope. The letter backs earlier application of changes that would extend the DLT Pilot to more, or all, financial instruments and remove product-specific thresholds. It also supports replacing the current instrument-by-instrument limits with a single overall threshold. The reason is practical. Firms will not invest for the long term if issuance caps stay low and the usable asset set stays narrow.
See: The SEC’s New Crypto Playbook Faces Its First Test
- Interoperability standards. The letter calls for mandatory interoperability between DLT infrastructures and regulated markets and central securities depositories, and asks the Commission to task ESMA with developing technical standards for cross-border connectivity. Without that, tokenized venues remain isolated pools. Liquidity fragments. Secondary trading stays thin.
- The Commission to fix the registry and notary gap. The EDFA letter explains that the EU framework opens these roles beyond traditional central securities depositories, but still leaves out firms already operating under national DLT registrar regimes. EDFA points to Germany’s eWpG (electronic securities act, June 2021) system and similar setups in Luxembourg and Italy. It wants those firms to be recognized at the EU level, allowing them to keep operating under their current approvals, and assessed fairly against EU standards. They allso says the rules should match what these firms actually do, instead of forcing them to meet the full requirements designed for large central depositories.
- Legal clarity on settlement. The letter asks for explicit recognition of tokenized commercial bank money and MiCA-regulated e-money tokens as eligible settlement mechanisms inside DLT infrastructures. This is a major point because if settlement assets aren't clearly recognized, companies can issue on-chain but still struggle to build active trading and repeat liquidity.
The Gap Between Pilot And Market
The issue is structural. The DLT Pilot allows firms to test tokenized issuance, trading, and settlement in controlled conditions. But it doesn't allow those activities to operate at scale. Issuance happens, but it stays small. Trading exists, but liquidity doesn't build. Infrastructure is in place, but it doesn't connect cleanly to the rest of the market. Until those limits are addressed, tokenized securities remain confined to pilot activity instead of forming a market where deals can regularly happen at meaningful scale.
If Brussels makes these changes, firms can issue larger deals and do it more than once. Tokenized platforms can connect to exchanges, custodians, and settlement systems instead of running separately. Companies already licensed at the national level can keep operating instead of being pushed out. And with clear settlement rules, those deals can actually trade and attract real liquidity.
See: Tokenization Finds Scale In Collateral And Cash
If Brussels does not act, the likely outcome is also clear. Europe will keep producing tokenized deals as part of the DLT pilot, but the market will remain shallow and less commercially important. Operators will keep building, but they will be outwardly looking at jurisdictions that allow larger, cleaner, and more continuous activity.
Are We There Yet?
The DLT Pilot was designed for controlled testing, and has done that. The question now is whether the framework evolves to support real market activity. If it doesn’t, tokenized securities will stay limited to small, controlled use cases. If it does, they can develop into a market with real issuance, trading, and liquidity.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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The SEC’s New Crypto Playbook Faces Its First Test
April 21, 2026 | NCFA Insight | Digital Assets Blockchain And Tokenization, Regulation And Policy
SEC Defines A-C-T While Market Access Remains Incomplete
On April 21, 2026, SEC Chair Paul Atkins delivered a keynote at the Economic Club of Washington to align the agency’s crypto and capital markets agenda, calling it Advance, Clarify, Transform. The SEC is close to an innovation exemption for tokenized securities, but that exemption is not yet in the market’s hands.
That speech sets a clear claim. From January to March 2026, the SEC already put key pieces in place. It clarified how tokenized securities fit within existing law. It formalized coordination with the CFTC. It introduced a working taxonomy for crypto assets. The structure is now visible. What still matters is whether firms can use it.
In these remarks, Advance updates SEC rules for markets moving onchain. Clarify defines asset categories and jurisdictional boundaries so firms can assess compliance before launch. Transform removes constraints that limit capital formation and restrict compliant experimentation with tokenized securities.
What The SEC Already Has In Place
The groundwork started in January. SEC staff outlined how tokenized securities fit within existing securities law, including issuer backed models, custodial structures, and tokenized derivatives. That same direction appears across onshore market structure discussions, where tokenized collateral, perpetuals, and retail trading models point toward a rulebook that is becoming easier to work with.
By February, the structure became clearer. Token classification and coordinated oversight came together, alongside a proposed innovation exemption for onchain activity that had not yet been published. This direction also appears across IPO burden and crypto rules, where token taxonomy and capital formation reforms begin to align.
Then in March, delivery became harder to ignore. On March 11, the SEC and CFTC formalized coordination through a memorandum of understanding. Definitions aligned. Jurisdiction became clearer. Data sharing opened up. As a result, firms operating across both regimes face less duplication and fewer conflicting requirements.
Six days later, on March 17, the SEC published its crypto asset interpretation. The release laid out a taxonomy across digital commodities, stablecoins, and digital securities. It also addressed when an asset could fall in or out of an investment contract.
The April 21 speech pulled these steps into a sequence. Define the asset. Clarify the perimeter. Align regulators. Then open a controlled lane for compliant experimentation.
Now The Real Test
One gap now matters more than the rest. The market still doesn't have a working framework for how tokenized securities can trade onchain in a compliant way.
Atkins spotlighted this issue in his recent speech and pointed to an innovation exemption that is close to release, but not yet ready for the public. Until it is, companies still lack the full mechanics needed to move from design to execution.
See: Canadian Regulators invite stakeholders to Project Tokenization
The taxonomy helps classify assets. Coordination reduces regulatory overlap. The March interpretation narrows legal uncertainty. Even so, firms still don’t have a clear way to bring tokenized securities to market. What remains outstatnding is whether issuers and platforms will get a clear, testable path to launch tokenized securities onchain.
This is where the competitive dynamic shows up. If the United States combines clear classification, coordinated oversight, and a usable exemption, it becomes easier for firms to decide where to build first. That affects trading infrastructure, custody rails, issuance platforms, and tokenized asset markets.
In April developments, staff guidance clarified when certain crypto interfaces did not require broker dealer registration under defined conditions. That gave firms more clarity on licensing exposure, product design, and how to bring products to market.
In Canada, regulators are now studying tokenized markets through a 2026 CSA initiative called Project Tokenization, but a unified framework for issuing or trading tokenized securities has not yet been defined.
Takeaway
The SEC's made the rulebook clearer. Now it has to make it usable once the innovation exemption is delivered.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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NCFA Weekly Fintech Intelligence Apr 11-17, 2026
April 17, 2026 | NCFA Fintech Whisperer Weekly Intelligence | Regulation And Policy, Digital Assets Blockchain And Tokenization, Capital Markets And Market Infrastructure, Risk Compliance And Regtech
Image: Freepik
This live weekly NCFA intelligence page tracks financial technology developments that significantly affect how fintechs build, sell, raise capital, and operate under scrutiny. Coverage prioritizes Canada and includes global events that directly influence competitive conditions, market access, and execution realities across fintech sectors. This page will be updated throughout the week with market movers in a live format and then each week we'll close the prior week's contents in prep for the upcoming week, and continue on a rolling basis. (Missed prior week's Fintech Whisperer? (December 6-12, 2025, December 13-19, 2025, January 1-9, 2026, January 10-16, 2026, January 17-23, 2026, January 24-30, 2026, January 31-February 6, 2026, February 7-13, 2026, February 14-20, 2026, February 21-27, 2026, February 28-March 6, 2026, March 7-13, 2026, March 14-20, 2026, March 21-27, 2026, March 28-April 3, 2026, April 4-10, 2026).
Weekly Fintech Market Intelligence Apr 11 - 17, 2026
Regulation And Policy
OSFI Returns Non Bank Financial Institution Risk To The Foreground
Apr 14, 2026, Canada
- OSFI’s 2026–2027 Annual Risk Outlook names real estate secured lending, non bank financial institution risk, and liquidity and funding risk as its top priorities. Risks outside the traditional banking system have grown, including areas where non bank lenders and investment funds rely more heavily on borrowing.
- The outlook links that risk view to live supervisory work, including a Credit Risk Management Guideline consultation open until Jul 29, 2026 and liquidity adequacy revisions taking effect on May 1, 2026.
OSFI has returned non bank financial institution risk to the supervisory foreground. That puts more attention on leverage, liquidity, and credit formation outside the traditional banking perimeter.
Digital Assets Blockchain And Tokenization
France Urges More Euro Stablecoins And Tokenized Deposits
Apr 17, 2026, France
- France’s finance minister flags the gap between euro pegged and dollar pegged stablecoin volumes and calls for stronger euro denominated digital payment infrastructure.
- European banks are being pushed to develop tokenized deposits and euro stablecoins as part of that response.
- A consortium including ING, UniCredit, and BNP Paribas is preparing a euro pegged stablecoin for the second half of 2026, while dollar stablecoins continue to dominate with significantly larger circulation.
European policymakers are now linking stablecoins, tokenized deposits, and payment sovereignty. If banks move on this, product teams will need to build for liquidity, redemption certainty, and distribution at scale.
FCA Sets UK Crypto Authorisation Path And 2027 Go Live Date
Apr 15, 2026, United Kingdom
- The FCA said crypto will be regulated in the UK from Oct 2027 and that firms will be able to start applying for authorisation from Sep 2026.
- The consultation sets out guidance on which activities fall within the future regime, including issuing qualifying stablecoin, operating trading platforms, dealing and arranging deals in qualifying cryptoassets, safeguarding cryptoassets, and staking.
- The FCA said its rules for the future cryptoasset regime are largely complete, with policy statements due this summer and final perimeter guidance due in autumn.
The UK now has a clearer crypto timetable. Firms can see when the authorisation gate opens, when the regime goes live, and which business models sit inside scope. That gives exchanges, custodians, stablecoin issuers, and staking providers a more defined build and compliance window.
Pakistan Opens Banking Access For Licensed Virtual Asset Firms
Apr 15, 2026, Pakistan
- The State Bank of Pakistan said SBP regulated entities may open and maintain accounts for virtual asset service providers licensed by the Pakistan Virtual Assets Regulatory Authority.
- The circular requires banks to verify licences, apply AML/CFT controls, and maintain segregated non interest bearing local currency client accounts for customer funds.
- Regulated entities must not invest in or directly hold virtual assets on their own balance sheets.
Pakistan has opened a formal banking channel for licensed virtual asset firms while keeping balance sheet exposure and client money handling tightly controlled. That gives the market a clearer regulated path for fiat access without relaxing the banking perimeter.
HSBC Expands Tokenized Deposit Service To The United States
Apr 13, 2026, United States
- HSBC launched its Tokenized Deposit Service in the United States, extending a service already available in Hong Kong, Singapore, Luxembourg, and the UK.
- The bank says eligible corporate and institutional clients can move funds 24/7, domestically and cross border, between treasury centers and subsidiaries on-chain.
- HSBC says the service supports EUR, GBP, HKD, SGD, and USD and is built to integrate with existing treasury and payment infrastructure.
A global bank has expanded tokenized deposits into the U.S. for real treasury and liquidity use. That brings tokenized money closer to core banking and cross-border cash management, not just digital asset experimentation.
SEC Sets Broker Dealer Boundary For Certain Crypto Interfaces
Apr 13, 2026, United States
- SEC staff issued a statement describing when certain crypto asset user interfaces would not require broker dealer registration.
- The position applies to interfaces that do not solicit securities transactions, do not route orders based on transaction based compensation, and do not handle customer funds or securities.
- SEC staff said the position is temporary and will expire in five years if it is not extended, amended, or withdrawn earlier.
The SEC has drawn a clearer line around how crypto interfaces can operate without crossing into broker dealer registration. That gives wallet providers, front ends, and trading interfaces a more defined design perimeter, while keeping execution control, solicitation, and custody inside the regulated boundary.
Open Banking Open Finance And Data Sharing
FCA Publishes Open Finance Roadmap With 2027 Framework Target
Mar 2026, United Kingdom
- The FCA published its Open Finance roadmap (download UK Open Finance Vision PDF), setting out how data sharing will extend beyond payments into mortgages, investments, savings, and pensions.
- The roadmap prioritizes SME access to credit, faster lending decisions, and mortgage use cases as early focus areas.
- The FCA is progressing delivery through the Smart Data Accelerator and industry programs to test and scale real use cases.
- The regulator targets the end of 2027 for the regulatory framework to support the first Open Finance schemes.
Open finance now has a regulator defined build plan with a clear timeline. That gives banks and fintechs a window to develop data driven products beyond payments and reshape how credit and financial services are distributed.
Payments And Market Infrastructure
Movantis Adds Latin America Scale To Circle Payments Network
Apr 11, 2026, Latin America and Global
- Movantis joined Circle Payments Network to add stablecoin based settlement to its cross border payments infrastructure.
- The company says it processes more than $60 billion in annual volume, works with more than 70 money transfer operators, and supports more than 80,000 payout locations across 130 plus countries.
- The integration adds bidirectional payment flows and off ramp capability in more than 10 Latin American countries.
- Movantis says the setup connects stablecoin settlement to local fiat payout rails across its corridor network.
Stablecoin settlement now runs through a $60 billion cross border network. Banks and existing rails face direct competition on settlement.
Capital Markets And Market Infrastructure
Payward (Kraken) Buys Bitnomial To Secure Full CFTC Derivatives Stack
Apr 17, 2026, United States
- Payward (Kraken) agreed to acquire Bitnomial for up to $550 million in cash and stock.
- Bitnomial holds the full set of CFTC-issued licenses needed to run a U.S. crypto trading and derivatives business: exchange, clearinghouse, and brokerage.
- The platform will support regulated U.S. products including spot margin, perpetuals, and options, and will also be available to partners through Payward Services.
This gives Payward regulated U.S. clearing infrastructure that took more than a decade to build. That puts crypto-native derivatives closer to the core of U.S. market structure and gives banks, brokerages, and fintech partners a new route into regulated digital asset derivatives.
SEC Reopens Core Market Surveillance Debate Around CAT
Apr 16, 2026, United States
- The SEC issued a concept release for a comprehensive review of the Consolidated Audit Trail and other audit trails and related data sources used in U.S. securities market regulation.
- The review seeks comment on CAT funding and cost management, regulatory purpose, structure and governance, design and scope, cybersecurity, data privacy, and the balance between privacy, civil liberties, and regulatory need.
- The SEC said recent changes reduced projected annual CAT operating costs by more than $100 million and permanently eliminated reporting of personal identifiable information to the CAT.
The SEC has reopened foundational questions around the main surveillance infrastructure for U.S. equity markets. That puts market structure, compliance technology, cost allocation, and data governance back into active review.
FCA Finalizes Clearer Simpler Short Selling Rules
Apr 16, 2026, United Kingdom
- Public disclosure switches to aggregated data showing the overall size of net short positions in each company rather than identifying individual short sellers.
- Firms get more time to calculate and submit short position reports under the new timetable.
- Eligible market makers move from repeated exemption notifications to an annual confirmation.
The FCA has reduced reporting friction without removing oversight. That changes daily reporting operations for trading firms and market makers, and it forces compliance, data, and regtech teams to adjust how short position data is calculated, submitted, and published.
Wealthsimple Brings Trade Ready Cashtags To X In Canada
Apr 17, 2026, Canada and United States
- X launched Cashtags with real time market data, showing posts, price charts, and asset context directly inside the feed.
- Smart Cashtags open Wealthsimple for Canadian users and take signed in users to a security detail page ready to trade.
- Trading remains inside Wealthsimple, while X acts as the entry point from content to execution.
The trade entry point is entering the social layer. X now controls how users move from conversation to market data, while brokerages plug into that flow to capture execution.
Crowdcube Connects Primary Raises And Secondary Liquidity Through LSEG Infrastructure
Apr 14, 2026, United Kingdom and Europe
- Crowdcube can now execute primary capital raises and secondary share sales in parallel on a single platform.
- Transactions can run on its private platform or through LSEG’s PISCES regulated market, opening access to institutional investors.
- The platform supports both concentrated block sales and large-scale liquidity events involving thousands of retail shareholders.
Crowdcube is linking retail private markets with regulated public market infrastructure. That gives companies a new way to raise capital and provide liquidity without waiting for an IPO, and it opens institutional demand to retail-originated share flow.
Risk Compliance And Regtech
UAE Expands AML And Financial Crime Guidance Across Banking Stack
Apr 16, 2026, United Arab Emirates
- The Central Bank of the UAE issued an AML/CFT/CPF guidance package covering proliferation financing, trade-based money laundering, correspondent banking, and customer due diligence.
- The package includes four regulatory guidance documents and two best practice manuals aimed at strengthening institution-wide compliance systems.
- The guidance sets expectations for risk-based frameworks, continuous monitoring of emerging risks, and stronger controls across cross-border financial activity.
The update raises the compliance baseline across multiple financial crime domains at once. Banks, PSPs, and fintechs operating in or through UAE corridors will need to adjust risk models, monitoring systems, and correspondent banking controls.
Conclusion
This week tightens the real constraint on fintech execution. It is no longer access or distribution, it is whether your product can operate inside the rules of the rails it touches. Payment flows now include machine-initiated actions, reporting regimes are getting simpler but less tolerant of errors, and market infrastructure expects you to plug in cleanly from day one. If your system cannot enforce permissions at the transaction level, produce a clear audit trail, and align with regulated reporting without rework, it will slow down as the market speeds up. NCFA offers various curated resources to help founders and investors stay current on developments that impact fintech markets, subscribe to NCFA weekly newsletter updates, view a rundown of current fintech news and insights, or dive into the latest fintech industry research.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Kulipa Just Proved Stablecoin Cards Can Scale — Should Canada Be Paying Attention?
April 17, 2026
Digital payments have become part of everyday life, shaping how people send money, pay for services, and manage their spending. What once felt like an alternative is now standard across many markets. Cryptocurrencies have played a significant role in that shift, especially for international transfers. They move funds faster, reduce fees, and avoid some of the delays tied to traditional banking systems.
This trend is visible across different industries. Even on entertainment platforms in Canada, such as MyEmpire Casino, crypto transactions have found their place, offering users a quicker and more flexible way to handle deposits and withdrawals.
Besides crypto payments, stablecoins are also attracting more attention. They offer the same speed and efficiency as other digital assets, while keeping their value tied to traditional currencies.
That makes them more predictable, especially for larger or more frequent transactions. A recent example comes from Kulipa, a Paris-based company that raised 6.2 million dollars to expand its stablecoin card issuing system. Moves like this raise an important question: Is there something here that Canada could take note of?
The Growing Role of Stablecoins in Everyday Finance
Stablecoins are already moving large volumes of money every day, yet their role in everyday payments still feels limited. The issue is not demand. It comes down to how difficult it is to connect blockchain-based balances with the systems people actually use, like debit and credit cards.
Right now, many solutions feel fragmented. Users often need to move funds between platforms, hold extra balances in traditional accounts, or deal with different rules depending on where they live. This slows things down and adds unnecessary friction. As regulations become clearer, fintech companies are looking for simpler ways to bridge that gap without tying up large amounts of capital.
Kulipa is working directly in that space. Its system is built from the ground up around stablecoins, allowing companies in areas like payroll and digital banking to issue cards linked to blockchain funds. By keeping settlements on-chain where possible, it reduces the need for pre-funded accounts sitting idle in banks.
How Kulipa Built a Practical Card Issuing System
The approach is fairly straightforward. Kulipa gives partners two ways to launch. One option focuses on speed, using a pre-funded setup to get things running quickly. The other connects more deeply with digital wallets, allowing transactions to be verified and settled directly on the blockchain.
This reduces the capital required to be tied up in traditional systems. It also removes several operational hurdles. Fraud protection, for example, is handled within the platform, which takes pressure off the companies using it.
From the user’s side, the experience feels familiar. Cards can be used for everyday purchases or ATM withdrawals at locations where major networks are accepted. The difference is happening in the background, where stablecoins are being used without requiring extra steps like manual conversions or account transfers.
Strong Early Results and Key Partnerships
Since launching in early 2025, Kulipa has expanded quickly. The number of issued cards has already passed six figures, and transaction volumes have been growing steadily month by month. This kind of traction suggests that the model is solving a real problem rather than testing a niche idea.
The company has also built partnerships across different markets. Flutterwave, known for its work in African payments, is one example. Other partners, such as Ready, Solflare, and nSave, demonstrate that the system works across different use cases, from banking alternatives to crypto-native platforms.
What stands out is how these partners describe the product. The focus is on turning digital balances into usable tools for daily life without adding layers of complexity. That feedback points to practical value rather than theoretical potential.
The Team and Investors Behind the Progress
Kulipa’s leadership brings experience from both traditional finance and large tech platforms. The CEO has worked on global payment rollouts at Mastercard, while the technical side includes experience from companies like Google and WhatsApp. On the compliance front, the team has a background in both crypto platforms and established banking systems.
This mix matters. Building payment infrastructure requires both technical depth and an understanding of regulation, and Kulipa seems to be working across both areas.
Investors have also backed that direction. The recent funding round brought in support from firms focused on financial innovation and blockchain infrastructure. With over $9 million raised, the company now has room to expand its system and reach new markets.
What This Means for the Canadian Fintech Scene
Canada is moving toward clearer rules for stablecoins, though the process is still ongoing. Recent policy steps suggest a more defined framework is coming, with oversight likely to increase in the next few years. Until then, companies are operating in a space that is still developing.
See: Stablecoin Payments Have Wings – Are You Ready?
The core challenge remains the same: connecting digital assets to everyday spending in a simple, cost-effective way. This is especially relevant for businesses dealing with cross-border payments or digital wallets.
Kulipa’s model offers one possible direction. Instead of building everything internally, popular companies in Canada, such as MyEmpire Casino or Coinsquare, could consider partnerships or ready-made systems to reduce both costs and complexity. This would allow them to move faster while staying within expected regulatory boundaries.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Stablecoins Split Into Issuance And Service Layers
Apr 16, 2026 | NCFA Insight | Digital Assets, Payments And Capital Markets
Issuance and Access Define Market Split
On Apr 8 2026, six Swiss banks launched a CHF stablecoin sandbox while Circle launched managed stablecoin settlement for banks and PSPs. These two announcements, among others, point to a cleaner reading of where this market is going. Banks are working on issuance. Fintech infrastructure firms are working on access. The split is easier to see once the numbers sit side by side.
The Swiss sandbox brings together UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, BCV, and Swiss Stablecoin AG to test Swiss franc use cases in 2026. The PostFinance release says there is currently no regulated Swiss franc stablecoin with broad application in Switzerland.
See: SoFi Technologies Stablecoin Infrastructure Launch
In contract, Circle isn't issuing a new domestic currency token. It is packaging an operating layer around existing stablecoin rails. Circle says its product supports payouts across more than 20 blockchains and domestic payment rails, and says USDC has supported more than $70T in cumulative onchain settlement with nearly $12T in onchain transaction volume in Q4 2025.
Two Models Are Taking Shape
The bank model starts with control. Domestic institutions want local currency stablecoins because settlement authority, liquidity, and currency relevance are all aligned. That's why the Swiss consortium is testing a franc token inside a controlled sandbox instead of waiting for private dollar stablecoins to define the market for them. A growing banking stablecoin push is already forming elsewhere. Reuters reported that about 10 European banks and a separate group of about 10 large US banks are also exploring issuance and settlement models.
The fintech infrastructure model starts with speed. It assumes many banks and PSPs want the benefits of stablecoin settlement but don't want to manage wallets and blockchain operations, or carry direct digital asset complexity inside their own stack. Circle is selling that infrastructure solution. “With CPN Managed Payments, we’re simplifying how institutions adopt and scale stablecoin payments,” said Nikhil Chandhok, Chief Product and Technology Officer at Circle. They are competing by making stablecoin settlement easier to deploy.
The competitive edge is arguably no longer just about issuing a token, but how quickly a firm can connect stablecoin settlement to real payment and treasury workflows. That's where the rubber hits the road with the service layer.
Circle's Q4 2025 financial filing shows 55 institutions onboarded and another 74 under review as of Feb 20 2026. 2.3M daily transactions over the prior 30 days, roughly half second transaction finality in testing, and more than 166M transactions since testnet launch. It's scaling this network rapidly for institutions that want to plug into settlement, liquidity, and payout rails quickly, and for those who don't want to write the next stablecoin white paper. Stablecoins can support faster securities settlement, collateral movement, repo style liquidity flows, and continuous treasury operations.
See: Wirex And Crossmint Launch Integrated Stablecoin Card Stack
If banks control issuance while infrastructure firms control access, then the market starts to resemble other parts of finance where different firms control different layers of the stack. One layer anchors the money. Another layer controls routing, integration, and speed.
Canada vs United States Stablecoin Approach
Canada now has a published federal stablecoin framework. On Mar 31 2026, Finance Canada set out a model for fiat backed stablecoins under Bank of Canada oversight, including issuer registration, 1:1 reserves, at par redemption, and governance, security, and recovery standards. The same page says the framework is expected to come into force in 2027 after regulations are developed.
The US is moving on two tracks at once. It's developing a federal payment stablecoin rulebook through the FDIC’s proposed GENIUS Act rule, and it already has a charter pathway through the OCC’s conditional approvals for five national trust banks. That means the US debate covers both issuer rules and institutional access to banking infrastructure.
Canada's now more comparable with the US on issuer oversight, but it still doesn't have an equivalent crypto specific trust charter path into the federal banking perimeter. That leaves a real difference in how companies scale, partner, and position themselves with institutional clients.
Talking Point
Stablecoins are splitting into two businesses. Banks want to issue regulated digital money. Fintech infrastructure firms want to make that money usable inside payment and settlement workflows.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Broadridge Expands Digital Assets Into Canada Wealth
Apr 14, 2026 | NCFA Fintech Market Activity | Capital Markets And Market Infrastructure, Wealth Investing And Trading
Digital Assets Move Into Advisor Platforms
On April 13, 2026, Broadridge launched digital asset capabilities for Canadian wealth management firms, bringing crypto and tokenized assets into the same system used for traditional investments. The platform supports trading, custody, and asset servicing across both digital and conventional assets.
Broadridge says its digital asset infrastructure processes more than $8 trillion in tokenized assets each month across global markets. It's an important figure because it shows this type of infrastructure is already operating at scale, even as Canadian wealth firms are only now starting to bring digital assets into mainstream portfolio systems.
The operational gap has been clear for a while. Many wealth firms have handled digital assets through separate providers, separate custody arrangements, and separate compliance processes. That creates friction for advisors, clients, and back office teams. Broadridge is trying to remove that split by putting digital and traditional assets into one environment.
Tim Gokey, Chief Executive Officer of Broadridge:
"Digital assets are increasingly becoming a part of a diversified portfolio, and Canadian wealth managers need a way to support tokenization. The Broadridge digital asset solution delivers a streamlined and integrated suite of capabilities built upon the scale and functional depth of our existing solutions. By simplifying complexity behind the scenes, we are creating a streamlined front-end experience for our clients that will accelerate digital adoption in Canada."
Canadian wealth management is one of the most regulated and operationally conservative parts of financial services. By including digital asset capabilities into this layer suggests adoption is moving past early users and toward advisor-led distribution, formal oversight, and standard portfolio administration.
See: Tokenization Finds Scale In Collateral And Cash
Instead of routing digital assets through separate systems, firms can manage them alongside existing portfolios using the same workflows and controls. That reduces operational friction and makes it easier to supervise activity across asset types.
Broadridge continues to push into tokenized market infrastructure. Just last week, Broadridge added on chain governance to tokenized equities, extending support for proxy voting, disclosures, and lifecycle events across tokenized holdings.
Talking Point
Broadridge is bringing digital assets into the core systems used by Canadian wealth firms. With this approach, tokenized assets are being built into core financial workflows, not left in parallel systems.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Investor Revolt Exposes Token Control And Collateral Risk
Apr 13, 2026 | NCFA Insight | Digital Assets Blockchain And Tokenization, Risk Compliance And Regtech
Investor Backlash Highlights Token Control And Risk
A public dispute and investor backlash at World Liberty Financial (WLFI) is exposing two issues in token markets: who controls the asset, and what happens when a project uses its own token as collateral.
The control question surfaced first. Justin Sun alleged hidden wallet freeze controls in WLFI's token design. World Liberty rejected the allegation and threatened legal action, which doesn't settle the technical question, but it does expose the governance problem. If investors are unclear about who can intervene and control the asset, confidence weakens quickly.
Justin Sun, investor in World Liberty Financial:
“a trap masquerading as a door”
I am calling on World Liberty Financial @worldlibertyfi to publicly disclose who controls the single guardian EOA and the 3/5 multisig that govern the WLFI smart contract.
Every investor has the right to know who holds the power to freeze their assets.
Here is what on-chain… https://t.co/dxYKDp5Zbi— H.E. Justin Sun 👨🚀 🌞 (@justinsuntron) April 13, 2026
The collateral issue is easier to understand and harder to dismiss. $75 million borrowed against WLFI means the project used its own token to support leverage. If the token falls, the collateral weakens. That creates a self reinforcing risk where price declines can lead to more pressure on the asset. If the position needs support, pressure can build on price, liquidity, and trust at the same time.
The current backlash doesn't come out of nowhere. Earlier in the project’s lifecycle, WLFI’s initial token sale reached only 4% of its $300 million target, raising about $12 million on day one. The token was structured as a non transferable governance asset, which limited liquidity and reduced speculative demand. Those early signs pointed to questions around investor incentives and value capture that are now resurfacing in a different form.
This is where token design and investor protection collide. Admin controls, freeze powers, or blacklist functions are not unusual on their own. In some cases, they support compliance and fraud controls. The problem starts when those powers are not clearly understood by holders, or when decentralization language creates expectations the structure doesn't meet. At one point, the asset can look less like open infrastructure and more like a centrally managed financial product.
See: Apex Group Pilots WLFI USD1 Stablecoin for Tokenized Funds
The borrowing structure adds another layer. Projects can use leverage to support operations or liquidity, but using the native token itself as collateral blurs the line between treasury management and price support. Investors then have to evaluate not only market risk, but also insider control, disclosure quality, and whether the structure holds up when markets turn the other way.
A key lesson here is that token markets still move faster than disclosure standards. That gap is manageable in a strong market, but it can quickly break when investors start asking who controls the asset, who benefits from the structure, and who carries the downside when confidence breaks.
Talking Point
Investor revolts in token markets rarely stop at price. When a project uses its own token as collateral and holders are unsure who can intervene in the asset, trust can disappear quickly.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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